## NULL
## NULL
## NULL
## NULL
Panel A: Dispersion of agencies per topic
Panel B: Dispersion of Topics per firm-year
\[Topic\_Dispersion_{Firm,Year} = 1 - \sum_{Topic} P^2_{Firm,Topic,year}\]
Panel C: Dispersion of Agencies per Firm-year
\[RegulationDispersion_{firm,year} = 1- \sum_{Topic} \sum_{Agency}P_{Firm,Topic,year} \cdot \omega_{Topic,Agency,year}^2 = 1 - \sum_{Topic} P_{Firm,Topic,year} \cdot HHI_{Topic,Agency}\]
## *Panel B: Topics with biggest change around 2016 presidential election*
All variables are normalized
| company_FR.frag_norm | agencies_10K.frag_norm |
|---|---|---|
Regulation Dispersion | 0.047** | 0.002 |
(0.022) | (0.009) | |
Topic Dispersion | -0.062** | 0.134*** |
(0.025) | (0.017) | |
Regulation Complexity | -0.061 | -0.076*** |
(0.038) | (0.017) | |
Log(Word,10K) | 0.026 | 0.300*** |
(0.018) | (0.009) | |
Nsegments | 0.014** | -0.002 |
(0.007) | (0.004) | |
PPE/AT | -0.023 | -0.020** |
(0.030) | (0.010) | |
EBITDA/AT | -0.064*** | -0.003 |
(0.019) | (0.004) | |
Log(Sale) | 0.275*** | 0.064*** |
(0.038) | (0.013) | |
Tobin's Q | 0.002 | -0.005 |
(0.012) | (0.004) | |
Num.Obs. | 14592 | 60534 |
R2 | 0.628 | 0.772 |
All variables are normalized
| 1.lead.sga_at_norm | 2.lead.tfp_norm | 3.lead.roa_norm | 4.lead.sga_at_norm | 5.lead.tfp_norm | 6.lead.roa_norm |
|---|---|---|---|---|---|---|
Regulation Dispersion | 0.043*** | -0.036** | -0.059*** | 0.055*** | -0.032* | -0.053*** |
(0.015) | (0.016) | (0.013) | (0.014) | (0.018) | (0.015) | |
Topic Dispersion | 0.044** | -0.030 | -0.012 | 0.046** | -0.037** | -0.009 |
(0.017) | (0.020) | (0.021) | (0.019) | (0.018) | (0.018) | |
Regulation Complexity | 0.021 | 0.004 | 0.025 | 0.034 | 0.005 | 0.038* |
(0.020) | (0.019) | (0.028) | (0.026) | (0.021) | (0.019) | |
Log(Word,10K) | -0.015 | -0.019 | -0.135*** | -0.015 | -0.021* | -0.131*** |
(0.009) | (0.012) | (0.032) | (0.011) | (0.012) | (0.031) | |
Nsegments | 0.000 | 0.004 | -0.009** | 0.003 | 0.000 | -0.008** |
(0.004) | (0.005) | (0.003) | (0.004) | (0.005) | (0.004) | |
PPE/AT | 0.071** | -0.239*** | -0.080*** | 0.068** | -0.254*** | -0.076*** |
(0.028) | (0.041) | (0.020) | (0.030) | (0.037) | (0.026) | |
EBITDA/AT | -0.022** | 0.371*** | 0.339*** | -0.023** | 0.385*** | 0.336*** |
(0.010) | (0.025) | (0.030) | (0.010) | (0.026) | (0.031) | |
Log(Sale) | -0.303*** | 0.376*** | 0.336*** | -0.318*** | 0.362*** | 0.332*** |
(0.047) | (0.039) | (0.037) | (0.050) | (0.041) | (0.039) | |
Tobin's Q | 0.107*** | 0.204*** | -0.055*** | 0.111*** | 0.209*** | -0.054*** |
(0.010) | (0.017) | (0.011) | (0.008) | (0.020) | (0.009) | |
Num.Obs. | 60534 | 38922 | 60534 | 60534 | 38922 | 60534 |
R2 | 0.867 | 0.719 | 0.637 | 0.872 | 0.730 | 0.653 |
R2 Adj. | 0.848 | 0.676 | 0.584 | 0.850 | 0.679 | 0.593 |
RMSE | 0.36 | 0.53 | 0.60 | 0.36 | 0.52 | 0.59 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
FE: FF48 | X | X | X | X | X | X |
FE: cik | X | X | X | X | X | X |
FE: FF48_year | X | X | X | |||
FE: year | X | X | X |
All variables are normalized
| 1.lead.growth_norm | 2.lead.growth.at_norm | 3.lead.emp_at_norm | 4.lead.growth_norm | 5.lead.growth.at_norm | 6.lead.emp_at_norm |
|---|---|---|---|---|---|---|
Regulation Dispersion | -0.099*** | -0.143*** | 0.001 | -0.110*** | -0.139*** | 0.012** |
(0.017) | (0.024) | (0.015) | (0.022) | (0.027) | (0.006) | |
Topic Dispersion | -0.012 | 0.022 | 0.015 | 0.003 | 0.030 | 0.004 |
(0.021) | (0.018) | (0.012) | (0.019) | (0.020) | (0.012) | |
Regulation Complexity | -0.145*** | -0.201*** | 0.032** | -0.155*** | -0.195*** | 0.014 |
(0.042) | (0.034) | (0.016) | (0.037) | (0.034) | (0.015) | |
Log(Word,10K) | 0.076*** | 0.099*** | -0.021* | 0.068*** | 0.090*** | -0.020* |
(0.023) | (0.017) | (0.012) | (0.022) | (0.019) | (0.010) | |
Nsegments | 0.002 | -0.005 | -0.003 | -0.003 | -0.009 | -0.002 |
(0.005) | (0.005) | (0.004) | (0.004) | (0.006) | (0.003) | |
PPE/AT | -0.089*** | -0.210*** | 0.068*** | -0.069** | -0.194*** | 0.073*** |
(0.023) | (0.040) | (0.017) | (0.031) | (0.052) | (0.020) | |
EBITDA/AT | -0.003 | 0.054*** | 0.027*** | -0.009 | 0.049*** | 0.023*** |
(0.030) | (0.014) | (0.007) | (0.029) | (0.015) | (0.007) | |
Log(Sale) | 0.559*** | 0.477*** | -0.034 | 0.583*** | 0.487*** | -0.033 |
(0.051) | (0.043) | (0.025) | (0.053) | (0.045) | (0.024) | |
Tobin's Q | 0.047*** | -0.048*** | 0.029*** | 0.044*** | -0.049*** | 0.031*** |
(0.009) | (0.012) | (0.006) | (0.010) | (0.012) | (0.006) | |
Num.Obs. | 60534 | 60534 | 60534 | 60534 | 60534 | 60534 |
R2 | 0.363 | 0.277 | 0.919 | 0.399 | 0.305 | 0.923 |
R2 Adj. | 0.270 | 0.171 | 0.907 | 0.296 | 0.185 | 0.910 |
RMSE | 0.80 | 0.85 | 0.29 | 0.78 | 0.83 | 0.28 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
FE: FF48 | X | X | X | X | X | X |
FE: cik | X | X | X | X | X | X |
FE: FF48_year | X | X | X | |||
FE: year | X | X | X |
All variables are normalized
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
regul.disp_Notice_norm | 0.045** | -0.066*** | 0.019 | -0.105*** | -0.127*** | 0.011 |
(0.020) | (0.021) | (0.015) | (0.023) | (0.026) | (0.009) | |
Num.Obs. | 60534 | 38922 | 60534 | 60534 | 60534 | 60534 |
R2 | 0.872 | 0.730 | 0.653 | 0.399 | 0.304 | 0.923 |
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
regul.disp_Rule_norm | 0.050*** | 0.001 | -0.095*** | -0.074*** | -0.093*** | 0.012** |
(0.012) | (0.014) | (0.015) | (0.019) | (0.021) | (0.005) | |
Num.Obs. | 60534 | 38922 | 60534 | 60534 | 60534 | 60534 |
R2 | 0.872 | 0.730 | 0.654 | 0.399 | 0.305 | 0.923 |
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
regul.disp_RIN_norm | 0.069*** | -0.015 | -0.120*** | -0.088*** | -0.122*** | 0.004 |
(0.014) | (0.012) | (0.017) | (0.023) | (0.021) | (0.009) | |
Num.Obs. | 60534 | 38922 | 60534 | 60534 | 60534 | 60534 |
R2 | 0.872 | 0.730 | 0.654 | 0.399 | 0.305 | 0.923 |
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
regul.disp_old_RIN_norm | 0.040*** | -0.005 | -0.068*** | -0.065*** | -0.090*** | 0.014*** |
(0.011) | (0.013) | (0.016) | (0.019) | (0.020) | (0.005) | |
Num.Obs. | 60534 | 38922 | 60534 | 60534 | 60534 | 60534 |
R2 | 0.872 | 0.730 | 0.653 | 0.399 | 0.305 | 0.923 |
All variables are normalized
Model 1 keeps observations in the same icode-500 HP industry code. Model 2 keeps observations with the same number of segments, Model 3 keep observations with the change in total assets below 20%
| SGA|ind | SGA|seg | SGA|size | TFP|ind | TFP|seg | TFP|size | Grwoth|ind | Growth|seg | Growth|size |
|---|---|---|---|---|---|---|---|---|---|
regul.disp_norm | 0.041** | 0.041** | 0.034** | -0.033** | -0.038** | -0.030* | -0.100*** | -0.100*** | -0.056*** |
(0.017) | (0.016) | (0.014) | (0.016) | (0.016) | (0.017) | (0.018) | (0.017) | (0.014) | |
Num.Obs. | 54259 | 56444 | 44207 | 34473 | 35755 | 28785 | 54259 | 56444 | 44207 |
R2 | 0.874 | 0.870 | 0.904 | 0.725 | 0.722 | 0.746 | 0.383 | 0.376 | 0.400 |
All variables are normalized
| lead.n_ipo_norm | lead.n_join_norm | lead.n_left_norm | lead.n_peers_norm |
|---|---|---|---|---|
regul.disp_norm | -0.049*** | -0.024* | 0.026** | -0.035*** |
(0.013) | (0.014) | (0.011) | (0.008) | |
Num.Obs. | 60534 | 60534 | 56364 | 60534 |
R2 | 0.786 | 0.604 | 0.119 | 0.915 |
All variables are normalized
Dependent variable: log of (1 + lobby expenses next year).
Average of lobby expenses next year = 749775.2 dollars
Average of log 1 + lobby expenses next year = 7.694036 dollars
standard deviation of log 1 + lobby expenses next year = 6.29541 dollars
| 1.lead.log_lobby_norm | 2.lead.lobby_norm | 3.lead.log_lobby_norm | 4.lead.lobby_norm |
|---|---|---|---|---|
Regulation Dispersion | -0.106*** | -0.091*** | -0.102** | -0.080** |
(0.032) | (0.031) | (0.038) | (0.030) | |
Topic Dispersion | -0.033 | 0.007 | -0.056 | -0.025 |
(0.050) | (0.033) | (0.051) | (0.029) | |
Regulation Complexity | -0.048 | -0.057 | -0.067 | -0.093* |
(0.062) | (0.060) | (0.066) | (0.055) | |
Log(Word,10K) | 0.071** | 0.031 | 0.045 | 0.015 |
(0.034) | (0.030) | (0.033) | (0.033) | |
Nsegments | 0.005 | 0.015* | 0.004 | 0.014 |
(0.011) | (0.009) | (0.012) | (0.010) | |
PPE/AT | 0.006 | 0.001 | -0.014 | 0.004 |
(0.034) | (0.024) | (0.038) | (0.030) | |
EBITDA/AT | -0.026** | -0.031*** | -0.012 | -0.026*** |
(0.012) | (0.007) | (0.015) | (0.009) | |
Log(Sale) | 0.324*** | 0.224*** | 0.333*** | 0.215*** |
(0.076) | (0.053) | (0.083) | (0.068) | |
Tobin's Q | -0.005 | -0.002 | -0.013 | -0.010 |
(0.013) | (0.008) | (0.014) | (0.007) | |
Num.Obs. | 14983 | 14983 | 14983 | 14983 |
R2 | 0.611 | 0.874 | 0.649 | 0.887 |
R2 Adj. | 0.559 | 0.857 | 0.570 | 0.862 |
RMSE | 0.62 | 0.36 | 0.59 | 0.34 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
FE: FF48 | X | X | X | X |
FE: cik | X | X | X | X |
FE: FF48_year | X | X | ||
FE: year | X | X |
| 1 Unexpected Promotion | 2 Unexpected Promotion | |
|---|---|---|
| Words_Notice | 0.615** | |
| (0.234) | ||
| Words_Rule | 0.440* | |
| (0.253) | ||
| Words_Notice × Words_hightopic | −0.170* | |
| (0.098) | ||
| Words_Rule × Words_hightopic | −0.334** | |
| (0.159) | ||
| Words_hightopic | −0.026 | −0.061 |
| (0.052) | (0.068) | |
| Num.Obs. | 932 | 932 |
| R2 | 0.712 | 0.706 |
| R2 Adj. | 0.680 | 0.674 |
| RMSE | 0.66 | 0.66 |
| Std.Errors | by: year | by: year |
| FE: year | X | X |
| FE: agysub_full | X | X |